"Healthy demand for apartments and a dip in completions support a ten-basis-point decrease in the vacancy rate to 5.8 percent this year, a moderation from the 20-basis-point fall in 2016," the report said.

"The completion of thousands of Class A luxury units in the metro over the past few years will draw significant interest from REITs and institutional funds. As these assets are stabilized, transactions will rise.​"

Other 2017 projections:

The creation of 19,000 jobs during 2017 will expand headcounts 1.9 percent. Last year, employers increased staffing 2.2 percent with the addition of 21,500 positions.

Builders will add 4,200 apartments to stock during 2017, representing a decrease from​​ the nearly 7,300 units completed last year.

The average effective rent will climb during 2017 to $975 per month, slightly exceeding last year’s gain.

Marcus ＆ Millichap Real Estate Investment Services

San Antonio-New Braunfels

Multifamily

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